CNS News– Social Security recipients, particularly seniors, may inadvertently overlook their potential income tax obligations, potentially missing out on refunds. While Social Security benefits on their own might not be taxable, the addition of outside income could alter one’s tax status.
The tax implications for Social Security benefits depend on the recipient’s total income. Individuals whose combined income exceeds $25,000, or couples filing jointly with over $32,000, must pay taxes on their Social Security benefits.
Not filing a tax return could lead to missed refund opportunities, especially for those who had taxes withheld from their Social Security benefits or other income sources. Experts like Kevin Thompson and Zack Hellman emphasize the significance of filing tax returns to avoid penalties and to claim any applicable refunds.
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This is particularly relevant for seniors who might have had tax withheld from part-time jobs or other income sources. Additionally, filing a tax return could make certain Social Security recipients eligible for valuable tax credits like the Earned Income Tax Credit or the Additional Child Tax Credit.